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User Info	Global Banks Upgraded at Credit Suisse; entered at 2007-12-01 23:31:55
Gotshares Posts: 1793 Registered: 2007-09-06	Global Banks Upgraded to `Benchmark' at Credit Suisse (Update1) By Stephen Kirkland and Jon Menon Nov. 30 (Bloomberg) -- Credit Suisse Group raised its recommendation on global banks to ``benchmark'' from ``underweight,'' citing valuations, growth prospects and lower interest rates. Global economies will avoid a hard landing, underlying profitability should improve and short rates will fall ``significantly,'' strategists including Andrew Garthwaite wrote in note published today. Credit Suisse has ``outperform'' ratings on Intesa Sanpaolo SpA, Unione di Banche Italiane Scpa,, National Bank of Greece SA, DBS Group Holdings Ltd. and KBC Groep NV, because they face fewer funding constraints, the report said. Brazil, Italy, Canada, Singapore and Greece are the ``safest'' regions for banks, where ``indebtedness and financial penetration is low and property affordability is least challenging,'' the report said. The report comes after financial institutions, which have written down more than $65 billion for debt related losses, face higher credit costs related to the collapse of the U.S. subprime mortgage market. The falling value of subprime assets globally may reach $400 billion, Deutsche Bank AG analysts wrote Nov. 12. Credit Suisse also highlights its ``outperform'' rating on UBS AG, which trades below its breakup value. U.S. investment banks' earnings will increase 26 percent in 2008, according to the median of analysts' estimates, said the note. To contact the reporter on this story: Stephen Kirkland in London at skirkland@bloomberg.net ; Jon Menon jmenon1@bloomberg.net http://www.bloomberg.com/apps/news?pid=2....